- German ZEW economic sentiment -11.5 in October, up from -18.2 in September and stronger than Reuter’s median forecast of -15.0
- ZEW economist: Current situation in euro zone bad
- Germany’s Merkel: Sees EU integration open to all members
- More Merkel: Don’t point fingers at slow euro reformers
- Spain proposals for EU summit: Sees common european budget authority
- Finland’s Katainen: Finland rejects raising firewall size (now there’s a shock…..NOT)
- Germany’s Schaeuble: Need to take ‘bigger steps to fiscal union now’
- ECB’s Costa: Current economic problems are structural, not just cyclical
- UK September CPI +0.4% m/m, +2.2% y/y. As expected
- UK September producer output prices (factory gate) +0.5% m/m, +2.5% y/y, stronger than median forecasts +0.3%, +2.2% respectively
- Eurozone September inflation +0.7% m/m, +2.6% y/y, slightly weaker than Reuter’s median forecasts of +0.8%, +2.7% respectively
- Eurozone August trade balance 6.6 bln
- French business erupts in fury against “disastrous” Hollande - AEP at The Telegraph
European stocks have done ok, eurostoxx up +0.8%. Best performing market Spain’s IBEX which is up +1.2%.
The single currency has had a pretty good morning. Market finally managed to get through the stubborn EUR/USD sell orders up at 1.2990/00. We’re up at 1.3010 from early 1.2965, having been as high as 1.3016. Nothing startlingly new driving markets, although better than expected German ZEW data will have helped the euro consolidate its’ gains (we had already rallied past 1.3000 by time of release)
USD/JPY effectively unchanged at 78.80. EUR/JPY up at 102.50 from early 102.25.
Cable marginally firmer at 1.6090 from early 1.6065. EUR/GBP up at .8085 from, early .8068.
